Political Corruption: The Ghana Case

By Victor T. Le Vine | Go to book overview

A Note on Ghanaian Currency

Monetary values cited in chapters 2-6 are reported in the currency in use at the time. Until independence ( 1957) the British pound (£), worth roughly $2.80, was in use. After independence until July 1965 the Ghanaian pound (G £), at par with the British pound, was the currency. (The Commissions of Inquiry appointed after the 1966 coup often reported sums in either or both British and Ghanaian pounds, since the two were equal in value. Our citations follow that usage.) From July 1965 until February 1967 Ghana's currency was the Cedi (N¢), worth $1.16. From February 1967 to July 1967 the New Cedi (N¢) was worth $1.40. In July 1967 Ghana devalued her currency, and until December 1971 the New Cedi was worth $.98. In December 1971, the New Cedi was devalued by 44 percent, but soon after the February 1972 military coup it was revalued once again. The New Cedi is presently worth about $.65.

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